The CCTV Camera Market is projected to grow from US$ 10.4 billion in 2022 to US$ 16.1 billion by 2029, with a CAGR of 6.4% during the forecast period of 2022–2029.
Security for critical infrastructure is crucial since these facilities are frequently subject to physical invasions, thefts, terrorism threats, and trespassing problems. To guard against perimeter intrusion assaults on vital assets including power plants, water utilities, smart grids, and oil and gas refineries, several governments around the world are stepping up their security measures.
Pandemic Impact Analysis of COVID-19
The COVID-19 pandemic outbreak has put the world’s economy in a severe crisis, which is affecting the supply chain and logistical operations of different video surveillance system manufacturers. Globally, the market for CCTV cameras has increased by about 6% during the last five years.
The entire market value for CCTV cameras worldwide is anticipated to reach close to US$ 9 billion in 2022. However, because of the coronavirus outbreak, the need for video surveillance has increased further in Q1 2022, and it will continue to expand in Q2 2022 as lockdowns increase demand for public video surveillance.
Key Findings from the Market Study on CCTV Cameras
- Throughout the forecast period, North America is anticipated to account for a sizable portion of the worldwide CCTV camera market.
- Due to their widespread use in end-to-end security solutions around the world, dome cameras are predicted to hold the largest share of the worldwide CCTV camera market among all model types during the projected period.
- Due to their widespread use in the residential sector, IP/network-based CCTV systems are expected to maintain their technological hegemony in the worldwide CCTV camera market over the forecast period.
- According to estimates, residential CCTV camera demand would grow at a remarkable CAGR. However, it is anticipated that over the forecast period, the commercial sector will continue to retain a sizable market share in the worldwide CCTV camera market.
Players in the Global CCTV Camera Market
Bosch Security Systems Inc., Honeywell International Inc., Panasonic System Network Co. Limited, Axis Corporation, Toshiba Corporation, Samsung Techwin, and Vicon Industries are a few of the major players in the global CCTV camera market that have been identified across the value chain. Mitsubishi Electric, Schneider Electric, Checkpoint system, Maxwell, and ADT fire and security are more participants.